Haas & Rich Energy confirm sponsorship termination

The Rich Energy company and Haas F1 Team have separated, with a statement issued by the team.

The ongoing saga regarding Rich Energy and the Haas Formula 1 team sponsorship looks to have reached an end, as the sponsor will no longer be a partner of the team.

In a statement, Haas said that they and Rich Energy have parted ways in an amicable fashion.

“Haas F1 Team and Rich Energy have amicably agreed to end their partnership together in the FIA Formula 1 World Championship with immediate effect.”

“While enjoying substantial brand recognition and significant exposure through its title sponsorship of Haas F1 Team in 2019, a corporate restructuring process at Rich Energy will see the need for a revised global strategy. Subsequently, Haas F1 Team and Rich Energy concluded a termination of the existing partnership was the best way forward for both parties.”

“Haas F1 Team would like to express its thanks and best wishes to the stakeholders at Rich Energy.”

Having signed the small, independent British energy drinks manufacturer as a title sponsor for 2019, the deal raised question marks as to how such a small company could afford an F1 title sponsorship. Feelings towards the company were initially good, with a renegade image combined with a slick livery to make the VF19 one of the best looking cars on the grid.

However, with Rich Energy’s social media presence being somewhat antagonising in nature, combined with a series of court cases for trademark breaches, sentiment turned against the company. With several court orders made against Rich Energy to pay British cycle manfacturer Whyte Bikes damages, as well as British wine importer Vin-X for failure to transfer shares, Haas issued a letter stating that the sponsorship deal would be accepted as cancelled provided they could be paid the amount owed for the duration of the contract.

Since then, all has been largely quiet, before the team released a statement after the Italian Grand Prix confirming that the sponsorship deal with Rich Energy has been terminated.

A formal renaming of the team on the FIA’s F1 entry lists will now need to be completed, while the livery of the car will remain black and gold until the end of the season.

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Thomas Maher

Co-owner, Chief Editor and a journalist for FormulaSpy.com - Ireland's only accredited F1 & Formula E website. Enjoy my work - https://www.buymeacoffee.com/MidcHN8

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